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Program Overview Student Financial Services Division

Program Overview Student Financial Services Division Department of Education. Key Messages. Making the right choices planning and research Paying for post secondary who pays? It is a loan debt.

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Program Overview Student Financial Services Division

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  1. Program Overview Student Financial Services Division Department of Education

  2. Key Messages Making the right choices • planning and research Paying for post secondary • who pays? It is a loan • debt

  3. Applying for a loan • Online or paper- 10 days versus 20 days • Supporting documentation will be required • Determines if you qualify and the amount available • Apply early - why? • Volume • Informed before the start of post secondary

  4. What happens when I apply? Canada Revenue Agency Authorization Student’s Declaration Parent’s Declaration Consent to Release Information Rob applies online on June 10th Rob downloads 4 forms the same day Rob mails the original forms the same day Online or by mail Rob finds out his loan amount on June 22 Loan papers are at school on the first day of classes

  5. What money do I need? What money do I have? Rob’s application This is where Student Financial Services begins RESOURCES COSTS

  6. COSTS Tuition $3,500 Books/Computer $750 Other Fees $400 Living Allowance (17 weeks x $200) $3,400 Transportation $180 RESOURCES How it works $8,230

  7. COSTS Tuition $ 3,500 Books/Computer $750 Other Fees $400 Living Allowance (17 weeks x $200) $3,400 Transportation$180 RESOURCES Parental Contribution Example $8,230

  8. COSTS Tuition $3,500 Books/Computer $750 Other Fees $400 Living Allowance (17 weeks x $200) $3,400 Transportation $180 RESOURCES Parental Contribution $799 Pre-study Period Example $8,230

  9. How it works Pre-study Period Rob works for the 9 weeks that he’s off for the summer. Gross income ($240 per week) $2,160 Less taxes -$146 Less weekly living allowance ($92 x 9 weeks) -$828 Total $1,186 Pre-study contribution: $1,186x 80% = $949

  10. COSTS Tuition $3,500 Books/Computer $750 Other Fees $400 Living Allowance (17 weeks x $200) $3,400 Transportation $180 RESOURCES Parental Contribution $799 Pre-study Period $949 Study Period$0 Scholarship Example $8,230

  11. How it works Scholarships Rob has been awarded a $1,900 scholarship for the first semester. Scholarship amount $1,900 Less yearly exemption ($1,800) -$1,800 Amount left over $100 Scholarship Contribution = $100

  12. COSTS Tuition $3,500 Books/Computer $750 Other Fees $400 Living Allowance (17 weeks x $200) $3,400 Transportation $180 RESOURCES Parental Contribution $799 Pre-study Period $949 Study Period $0 Scholarship $100 RESP $0 Example $1,848 $8,230

  13. How it works Costs – Resources = Need $8,230- $1,848 = $6,382 • If negative - does not qualify • If positive - does qualify (up to maximum limits)

  14. Available Assistance Federal Grants • Canada Student Grant Program • Grant for Low-Income ($58 per week) • Grant for Middle-Income ($23 per week) • Grant for Students with Dependants ($47 per week per dependant) • Grant for Students with Permanent Disabilities ($2000 per year) • Grant for Services and Equipment for Students with Permanent Disabilities (separate application required)

  15. Canada Student Loan (CSL) Newfoundland and Labrador Student Loan (PSL) Up-Front Provincial Grant (ICF must be submitted) $210 per week $60 per week $80 per week Available Assistance Maximum assistance is $350 per week

  16. Available Assistance Costs $8,230 (minus) Resources $1,878 (equals) Need $6,352 Loans/Grant = $350 x 17weeks $5,950 Total Unmet Need$402 Rob still needs $402

  17. Getting your money Student needs: Photo I.D. S.I.N. Card Banking Information

  18. Other things to consider Course Load Requirements: • 60% for federal portion • 80 % for provincial portion • Exceptional circumstances considered If unsuccessful: • first time - probation • second time - suspended for 12 months • third time - suspended for 36 months

  19. Questions? Call (709)729-5849 1-888-657-0800(toll free) Fax 709-729-2298 Email studentaid@gov.nl.ca Website www.gov.nl.ca/studentaid

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